Nusbaum v. Shapero

In March, 1922, the owners of the property at Fourteenth and Blaine avenues, Detroit, Michigan, executed a mortgage to Otis D. Nusbaum, trustee, plaintiff herein, for the purpose of securing $70,000 of first mortgage bonds. A contract was entered into -with Straus Brothers Company, a large investment company, to sell the bonds after they had been duly validated by the securities commission. Plaintiff, as far as the record shows, had no interest in the bonds except as trustee, nor were any funds left with him with which to protect the security.

The trust mortgage was given for the purpose of…